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Tax Drill - Adjustments to Property Transactions Peyton sells an office building and...

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Accounting

Tax Drill - Adjustments to Property Transactions
Peyton sells an office building and the associated land on May 1,2023. Under the terms of the sales contract, Peyton is to receive $1,600,000
in cash. The purchaser is to assume Peyton's mortgage of $950,000 on the property. To enable the purchaser to obtain adequate financing,
Peyton is to pay the $9,000 in points charged by the lender. The broker's commission on the sale is $75,000. The purchaser agrees to pay the
$24,000 in property taxes for the entire calendar year.
What is Peyton's amount realized?
The amount realized by Peyton is $
x.
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